Both the Bitcoin price and the Bitcoin spot ETFs are seemingly back on track after the dreadful outflows of last week. As last week concluded, the end result was five consecutive days of net outflows when combining the overall flow of the 10 ETFs, as inflows into BlackRock (IBIT) and Fidelity (FBTC) never managed to top the never-ending outflows from Grayscale (GBTC). This week, however, appears to be a different story.
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On Monday, the outflow from GBTC amounted to $350.1 million, whereas FBTC notably stood up against GBTC with a net inflow of $261.8 million. As IBIT and the other ETFs also experienced positive flows, the net overall result ended up being $0.7 million according to Farside Investors. Yesterday, the U.S.-based spot ETFs (excluding GBTC) enjoyed $630.3 million in inflows. So, despite GBTC shedding another $212.3 million in outflows, the net overall result was $418.0 million in inflows.
For Bitcoin, the support from the ETF providers meant that it has traded in the range around $67k - $71k over the last few days, compared to the range of $62k - $67k from last Friday up until Monday.
In spite of the flows in and out of the U.S.-based spot ETFs, another major player in the Bitcoin space made yet another purchase of Bitcoin last week. MicroStrategy, led by Michael Saylor, purchased an additional 9,245 Bitcoins last week according to Arkham, pushing their holdings up to 214,246 BTC. This means they alone hold over 1% of the max supply of Bitcoin. Arkham also published numbers showing GBTC is approximately 14 weeks away from running out of Bitcoin if the trend of continuous outflows does not stop. Grayscale had 618,280 Bitcoin at the beginning of the year, while the number as of today is 345,254 Bitcoin.
On a fun note, Cathie Wood of Ark Invest, along with the founders of 21Shares, will be hosting an AMA tomorrow with the biggest cryptocurrency community - r/cryptocurrency. We highly recommend that you tune in to learn more from an industry leader such as Cathie Wood.
This text is intended to inform and is not an investment recommendation.
Best regards,
Adam Jakobsen.
NBX.
